Urbanizing Suburbia: Hyper-Gentrification, the Financialization of Housing and the Remaking of the Outer European City

Urbanizing Suburbia explores the relationship between three ongoing processes in global cities: the hyper-gentrification of inner cities, the financialization of housing, and structural changes in suburbs. This demographic shift, driven by rising housing prices, has led many residents to move from inner cities to suburbs, resulting in a reorganization of urban areas. The publication examines these changes in four European cities: Amsterdam, Berlin, London, and Stockholm, offering a comprehensive analysis of these three processes within a single framework.

Format: Paperback / softback
Length: 352 pages
Publication date: 19 June 2023
Publisher: JOVIS Verlag

Urbanizing Suburbia delves into the intricate relationship between three contemporaneous processes occurring in global cities: the hyper-gentrification of inner-city areas, the financialization of housing, and structural transformations in suburban regions. The soaring housing prices in major cities have sparked a massive exodus of residents from inner-city neighborhoods, with many opting for suburban communities. This demographic shift, coupled with the specific urban renewal strategies implemented by municipalities, has resulted in a reorganization of suburban cities. The publication examines these changes through the lens of four European capitals: Amsterdam, Berlin, London, and Stockholm. This study represents a pioneering effort to examine these three processes within a comprehensive framework.

The first process, hyper-gentrification, involves the transformation of low-income and working-class neighborhoods into affluent and highly sought-after areas. This transformation is driven by factors such as urban renewal projects, investment in infrastructure, and the influx of wealthy individuals and businesses. As a result, inner-city areas experience a significant increase in property values, rental rates, and commercial activity, leading to gentrification.

The second process, financialization, refers to the increasing financialization of housing and the real estate market. This involves the commodification of housing, with properties becoming investment assets rather than homes for living. This trend is facilitated by factors such as mortgage lending, financial institutions, and government policies that promote homeownership. Financialization has led to a rise in housing prices, a decrease in affordable housing options, and a concentration of wealth in specific neighborhoods.

The third process, structural transformations, involves the changing demographic, economic, and social characteristics of suburban regions. As urbanization continues, suburban areas are attracting a growing population, including immigrants, young professionals, and families. This shift has led to changes in the types of housing available, the employment landscape, and the social dynamics of suburban communities. Suburban regions may also experience changes in transportation infrastructure, urban planning, and environmental policies, as they strive to accommodate the needs of a growing population.

The publication provides a comprehensive analysis of these processes in four European cities. Amsterdam, for instance, has undergone significant hyper-gentrification in recent years, with the transformation of low-income neighborhoods into high-end residential areas. Berlin, on the other hand, has experienced a mix of hyper-gentrification and financialization, with the rise in housing prices leading to a shortage of affordable housing options and the concentration of wealth in specific neighborhoods. London has also experienced hyper-gentrification, but it has also seen a significant increase in the number of affordable housing units and the development of community-led initiatives to address social and economic inequality. Stockholm, in contrast, has experienced a more balanced approach to urbanization, with a focus on sustainable development, social inclusion, and the preservation of natural resources.

The study highlights the complex interplay between these three processes and their impact on urban communities. Hyper-gentrification can lead to the displacement of low-income residents, the erosion of community identity, and the loss of affordable housing options. Financialization can exacerbate housing inequality, increase the risk of foreclosure, and contribute to urban sprawl. Structural transformations can lead to changes in the social composition of communities, the emergence of new economic opportunities, and the need for innovative urban planning strategies.

To address these challenges, the publication suggests a range of policy interventions. These include the promotion of affordable housing, the preservation of community-based organizations, the implementation of land use policies that promote mixed-income neighborhoods, and the promotion of sustainable transportation options. The study also emphasizes the importance of community engagement and participation in urban planning processes, as it ensures that the needs and perspectives of diverse urban communities are considered.

In conclusion, Urbanizing Suburbia provides a valuable insight into the complex relationship between hyper-gentrification, financialization, and structural transformations in global cities. The study highlights the challenges and opportunities that these processes present and suggests a range of policy interventions to address them. By promoting sustainable development, social inclusion, and community engagement, cities can create more equitable and resilient urban environments for all residents.

Weight: 861g
Dimension: 240 x 170 (mm)
ISBN-13: 9783868597622